Skip to content
Phil's Library

2025-10-02-Thu

Call with Adam Green at Cazenove

Section titled “Call with Adam Green at Cazenove”
  • Fidelity in the US:
    • $2.6M in investments (cash, equities, bonds)
    • $400k in a 401(k) pension
    • $50k in a tax-efficient health savings account
  • Fidelity in the UK:
    • £225k in a UK pension (Phil)
    • £40k in multiple small UK pensions (Sa)
  • Bank accounts in the UK:
    • £450k in primary accounts
    • Minor amounts in ISAs - maybe total of £50k
  • Property in the UK:
    • Primary residence: value of £1.9M, mortgage of £653k → £1.25M
    • Rental property: value of £750k, mortgage of £200k → £550k
    • Family business assets ownership: generating annual income £85k
      • Potential sale upcoming £450k
  • Other:
    • Eligible for UK and US social security pensions

Total: ~£5.2M

  • US pensions probably can’t move
  • now UK tax resident - they can help with both UK and US
  • 3 things:
    • investments
    • financial planning (pensions, estate fees, school fees, etc.)
    • cash management & banking (not current accounts, more lending, etc.)
  • they would be willing to help
  • he will send us an assets and income schedule
  • meet in London 20th October onwards
  • percentage of investments under management. no charge for cash. if I control shares .25%, discretionary not more than 1%

Call with Ali Dalloul

Section titled “Call with Ali Dalloul”
  • G42 and country - huge scale - power
  • national AI champion for UAE as a country - benefit from country relationships
  • 2GW in Italy, 1GW in France
  • also realised that infrastructure trade is totally different scale - fast execution, patient capital
  • massively ambitious expansion across the stack
  • own part / whole of 3 largest DC builders around the world
  • 50 billion per GW fully fitted out. 5 GW in America as counter to US investment in Abu Dhabi.
  • selling like crazy to get uptake…
  • Vantage majority share. Hetzner(?). 50% of Cyrus Swan through Blackrock. Another complete acquisition - strong in physical layer
  • Own equivalent of CoreWeave - Core42 - chips / HPC / 10’000s of GPUs. Core42 also does sovereign cloud. Only franchisee that can build Azure DCs outside established markets.
  • Then application layer - AI and data management
  • At a group level: run like GE as an asset manager, but individual companies run like individual businesses
  • What am I interested in?
  • Me: regional/global AND higher level of the stack
  • Sam Altman
  • About to announce something very big in Abu Dhabi w/ OpenAI
  • Ali wears multiple hats - getting busier w/ expanded charter
    • he needs someone to interface w/ international complex partnerships like OpenAI
  • Close to Sam / Anthropic / etc.
  • Global role of that nature - focused on application and model ecosystem
  • He has a rack person
  • 2: Hoping to announce something big in the UK - need an officer - better work / life balance but more constrained.
  • 3: in the individual companies, things are different scale. InceptionAI (500 people) and a rocketship. Moved all AI research to MZAI University. Then repivot company to applications and products. several hundred million dollars of revenue - focused on UAE and Gulf and Global South. Want to get into Europe but may be a struggle / frustration for me.
    • Core42 is big and growing but infra.
  • Presight - publicly traded entity on Abu Dhabi - 6-8 billion(?) - analytics and data management - not in europe or US and won’t be. very focused on the gulf, africa, global south.
  • not Microsoft - skewed reality.
  • global role - almost like Microsoft HQ to sub relationship - some tension but bring a global perspective and know-how of working with labs in Europe and the US